Figure Technology Solutions, Inc. (FIGR) 2026 Q2 法說會逐字稿

Good morning, everyone. Welcome to the Figure Technology Solutions second quarter 2026 earnings conference call. (Operator Instructions) And lastly, today's call is being recorded.

各位早安。歡迎參加 Figure Technology Solutions 2026 年第二季財報電話會議。（接線員指示）最後，今天的電話會議將會錄音。

I would now like to turn the call over to Mr. Bryan Michaleski, Head of Investor Relations. Please go ahead, sir.

現在我想把電話交給投資人關係主管 Bryan Michaleski 先生。先生，請開始。

Thank you. Good morning, and welcome to Figure's second quarter 2026 earnings call. My name is Bryan Michaleski, Head of Investor Relations here at Figure. Joining me on today's call, Michael Tannenbaum, Chief Executive Officer; and Macrina Kgil, our Chief Financial Officer.

謝謝。各位早安，歡迎參加 Figure 2026 年第二季財報電話會議。我是 Figure 的投資人關係主管 Bryan Michaleski。今天與我一同出席的有執行長 Michael Tannenbaum，以及財務長 Macrina Kgil。

Before we get started, I'd like to note that today's call will refer to certain non-GAAP measures. These measures have been reconciled to their GAAP equivalents to the earnings release we issued earlier this morning as well as in the appendix of the supplemental slide presentation posted to our website. As a reminder, non-GAAP measures are not intended to be a substitute for GAAP results.

在開始之前，我想先說明，今天的電話會議將提及若干非 GAAP 指標。這些指標已與其 GAAP 對應項目進行調節，相關內容載於我們今天稍早發布的財報新聞稿，以及張貼於公司網站之補充簡報投影片附錄中。提醒各位，非 GAAP 指標並非用來取代 GAAP 結果。

I'll also highlight that certain comments made during today's call may be considered forward-looking statements under federal securities law. The company cautions you that forward-looking statements involve substantial risks and uncertainties and a number of factors, many of which are beyond the company's control, to cause actual results, events, or circumstances to differ materially from those described in these statements.

我也要強調，今天電話會議中的某些評論可能構成聯邦證券法所定義的前瞻性陳述。公司提醒各位，前瞻性陳述涉及重大風險與不確定性，以及多項因素（其中許多超出公司控制範圍），可能導致實際結果、事件或情況與這些陳述所描述者出現重大差異。

Please note the risk factors we've identified in our most recent 10-Q and other SEC filings. We are not undertaking any commitment to update these statements if conditions change, except as required by law.

請參閱我們最近一期 10-Q 以及其他向 SEC 提交文件中所揭露的風險因素。除法律要求外，若情況改變，我們不承擔更新這些陳述的任何義務。

Recording of this conversation will be made available on our website following the conclusion of this call. Following the conclusion of prepared remarks, we'll open the line for questions.

本次通話的錄音將於會議結束後在我們的網站上提供。在管理層準備好的發言結束後，我們將開放提問。

And with that, I'll turn the call over to Michael Tannenbaum. Michael, please go ahead.

接下來，我把電話交給 Michael Tannenbaum。Michael，請開始。

Thank you, Bryan. Good morning, everyone, and thank you for joining today's call. Figure delivered another great quarter as more and more partners see our vision for bringing the capital markets on chain. As previewed in July, Figure generated $4.3 billion of consumer loan marketplace volume, being the top end of our guidance by 4% with 132% year-over-year growth. This was our strongest ever quarter, and we've seen continued strength in Q3, with application volumes on our platform surpassing $1 billion per week for the first time in early July.

謝謝你，Bryan。各位早安，感謝各位參加今天的電話會議。隨著越來越多合作夥伴認同我們將資本市場上鏈的願景，Figure 再度交出亮眼的一季。如同我們在 7 月預告的，Figure 產生了 43 億美元的消費者貸款市集成交量，較我們指引上緣高出 4%，年增 132%。這是我們史上最強的一季；而我們在第三季也持續看到強勁動能，7 月初我們平台的申請量首次突破每週 10 億美元。

The continued rapid growth extends to our origination partner ecosystem as well. We now have 489 partners on our platform, up 102 from last quarter, with growth across all segments, including independent mortgage banks, servicers, depositories, and fintech SMB. Importantly, recently closed partners are ramping faster than we traditionally see, aided by our investments in AI-enabled onboarding processes thereby proving the scalability of our model and the value we drive for partners.

這股快速成長也延伸到我們的承作合作夥伴生態系。目前平台上共有 489 家合作夥伴，較上季增加 102 家，且各細分領域皆有成長，包括獨立房貸銀行、貸款服務商、存款機構，以及金融科技中小企業。重要的是，近期簽約的合作夥伴導入速度比我們以往看到的更快，這得益於我們在 AI 賦能的導入流程上的投資，進一步證明我們模式的可擴展性以及我們為合作夥伴創造的價值。

Overall, our flywheel is spinning faster and our blockchain-based infrastructure and marketplace advantages are compounding. Prospects are hearing about the benefits of our disruptive capital marketplace and our liquidity that's soon approaching what they get from the likes of Fannie Mae. The volume is improving our execution and pricing, adding loan buyers and in turn attracting more prospects.

整體而言，我們的飛輪轉得更快，而我們以區塊鏈為基礎的基礎設施與市集優勢正在加速累積。潛在客戶正聽到我們顛覆性的資本市集所帶來的好處，以及我們的流動性很快將接近他們從房利美（Fannie Mae）等機構所獲得的水準。成交量的提升改善了我們的執行與定價，增加了貸款買方，進而吸引更多潛在客戶。

The investor side of the marketplace is also building momentum with large demand. Our recent pre-funded securitization is a great example where investors committed to purchase the bonds on our platform before loans were originated, a testament to their confidence in the standardized nature of figure production. Investors continue to join the platform and appreciate our strong credit quality, the transparency and speed of our investor reporting, and the reduced third-party diligence costs characteristic of our platform.

市集的投資人端也在強勁需求下持續累積動能。我們近期的預先募資證券化（pre-funded securitization）就是很好的例子：投資人在貸款尚未承作前，就已承諾在我們平台上購買債券，這證明他們對 Figure 產出標準化特性的信心。投資人持續加入平台，並肯定我們優異的信用品質、投資人報告的透明度與速度，以及平台特性所帶來的第三方盡職調查成本降低。

Not only do we have nearly 100% revenue growth, but we are accomplishing this with over 50% EBITDA margins. Our EBITDA margins were strong at 55% this quarter, reflecting the growth of the capital light Figure Connect marketplace and our ongoing commitment to capital discipline. We are continuing to make progress toward our medium-term goal of 60% margins through the growth of Connect and the operating leverage inherent in our business model. This growth and margin profile puts us at a Rule of 150 in the Rule of 40 investor framework.

我們不僅營收成長接近 100%，同時還能達成超過 50% 的 EBITDA 利潤率。本季 EBITDA 利潤率達 55%，反映出資本占用較低的 Figure Connect 市集成長，以及我們對資本紀律的持續承諾。我們將透過 Connect 的成長與商業模式內建的營運槓桿，持續朝中期 60% 利潤率目標邁進。在 Rule of 40 的投資人框架下，這樣的成長與利潤率組合使我們達到「Rule of 150」。

This quarter marked two years since the June '24 launch of our tokenized loan marketplace Figure Connect, which now represents 65% of our consumer loan marketplace volume, up from 56% last quarter. This is very material growth, especially considering that aggregate volume is growing 130% plus. That 0% to 65% in just 2.0 years turns out when you build a better highway on chain capital moves at a high speed. As a result, more of our growing volumes are generated off balance sheet, again demonstrating the momentum of our partner flywheel.

本季也標誌著自 2024 年 6 月推出我們的代幣化貸款市集 Figure Connect 以來滿兩年；目前 Connect 已占我們消費者貸款市集成交量的 65%，高於上季的 56%。這是非常顯著的成長，尤其是在總成交量仍以 130% 以上速度成長的情況下。在短短 2.0 年內從 0% 到 65% 的占比，證明當你在鏈上打造更好的高速公路，資本就能以高速流動。因此，我們日益成長的成交量中，有更多是在資產負債表之外產生，再次展現我們合作夥伴飛輪的動能。

Growth in Connect has been broad-based with both new partner additions and expanding wallet share with existing partners. In terms of new partners, our trend has been increasingly aggressive. At the time of our IPO, we had around 250 partners, which then was roughly three years after being in the B2B business. And recent quarters have been 307, then 387 and now 489 this quarter.

Connect 的成長相當廣泛，既有新合作夥伴加入，也有既有合作夥伴錢包占比（wallet share）擴大。就新合作夥伴而言，我們的趨勢愈來愈積極。在我們 IPO 時，我們約有 250 家合作夥伴，當時距離我們投入 B2B 業務大約三年。而近幾季分別是 307 家、接著 387 家，本季則來到 489 家。

One new partner in Q2 onboard straight to Figure Connect and has already become the largest or second largest partner we have depending on the month. Importantly, most whale-sized new partners are going direct to Connect, which means loss of incremental volume is skipping the Figure's intermediary phase.

第二季有一家新合作夥伴一上線就直接導入 Figure Connect，且已經成為我們最大或第二大的合作夥伴（視月份而定）。重要的是，多數「巨鯨級」新合作夥伴都直接採用 Connect，這意味著新增成交量不再經過 Figure 的中介階段。

This gives us an updated line of sight to predict that Figure Connect is likely to approach 70% of volume in the medium term rather than our previous estimate of 60%. Each point of mixed shift to Connect reduces balance sheet usage, increases fee-based economics, and builds towards our medium-term 60% EBITDA margin goal.

因此，我們對未來的可見度更新後，預期 Figure Connect 在中期更可能接近 70% 的成交量占比，而非先前估計的 60%。每增加 1 個百分點的組合轉向 Connect，都能降低資產負債表使用、提高以手續費為主的經濟效益，並推進我們中期 60% EBITDA 利潤率目標。

We've said before that we're a company that does what we say. We don't just whale watch, we bring the whales and we bring them into Figure Connect day one. Take rate for the quarter was 3.6%, towards the low end of our guided range. We know take rate is an area of focus for investors, so I'd like to dedicate some time to addressing the contributing factors.

我們之前說過，我們是一家說到做到的公司。我們不只是觀察巨鯨，我們把巨鯨帶來，而且從第一天就把他們帶進 Figure Connect。本季 take rate 為 3.6%，落在我們指引區間的低端。我們知道 take rate 是投資人關注的重點，因此我想花一些時間說明其背後的影響因素。

For Figure, take rate is an output of our strategic focus on accelerating our growth flywheel rather than a metric we manage to. The results I've just shared in terms of volumes, partner network expansion, migration of channel mix towards Figure Connect, and our adjusted EBITDA performance all demonstrate strong execution towards that objective.

對 Figure 而言，take rate 是我們策略重點——加速成長飛輪——所產生的結果，而不是我們刻意去管理的指標。我剛分享的成交量、合作夥伴網路擴張、通路組合向 Figure Connect 遷移，以及調整後 EBITDA 表現，都顯示我們在該目標上的強勁執行力。

The take rate performance reflects this in a few ways. First, Figure Connect has the lowest take rate of our three channels, although with strong contribution margin and the least capital intensity. We now have our largest partners going direct to Figure Connect, which is a favorable dynamic to our business, although at the trade-off of take rate and was not a dynamic we anticipated to accelerate this quickly when we gave the initial take rate range.

承銷費率（take rate）的表現以幾個面向反映出這一點。首先，Figure Connect 在我們三個通路中承銷費率最低，但其貢獻毛利強勁且資本密集度最低。我們目前最大的合作夥伴正直接導入 Figure Connect，這對我們的業務而言是有利的動態，但代價是承銷費率下降；而且在我們最初給出承銷費率區間指引時，並未預期這種動態會如此快速加速。

Second, interest rates rose meaningfully in the quarter, which hurts our gain on sale and therefore impacts take. And third, we've previously mentioned that first-lien loans typically have a lower take rate, and this quarter we saw a 3x growth year-over-year in first lien volume, although at a flattish mix quarter-over-quarter. As we expand our first lien origination volumes, it's likely to be a modest headwind to this metric overtime time.

第二，本季利率顯著上升，這會壓縮我們的出售收益（gain on sale），因此影響承銷費率。第三，我們先前提過，第一順位留置權（first-lien）貸款通常承銷費率較低；而本季第一順位留置權的量較去年同期成長 3 倍，雖然與前一季相比組合占比大致持平。隨著我們擴大第一順位留置權的承作量，這項指標隨時間推進可能會面臨溫和的逆風。

As we're nearly midway through Q3 today, our expectation is that the combination of these dynamics will keep the take rate at the bottom end of the guided range in the current quarter. Stepping back, when we set pricing with our customers, we focus on contribution margin, which includes operations and support costs and therefore better reflects our total earnings power for each dollar of marketplace revenue.

由於我們今天已接近第三季中段，我們預期這些動態的組合將使本季承銷費率維持在指引區間的下緣。退一步來看，在與客戶訂價時，我們聚焦於貢獻毛利（contribution margin），其中包含營運與支援成本，因此能更好地反映每一美元市集收入所對應的整體獲利能力。

This strategy is working, and this is the first quarter in which ecosystem fees are the largest line item on our P&L. This is consistent with our strategic focus on increasing our scale and the network effects from our flywheel, including adding asset classes to our marketplace.

這項策略正在奏效，而這也是生態系費用（ecosystem fees）首次成為我們損益表（P&L）中最大的單一項目。這與我們的策略重點一致：擴大規模並強化飛輪帶來的網路效應，包括在我們的市集中新增資產類別。

To that point, as Kiavi closes later this year, this will add a new dynamic to take rate. We're taking a closer look at this with the goal of giving you a better aligned way to measure our success as we build out the platform with a focus on unit economic margins. More to come on that.

就此而言，隨著 Kiavi 於今年稍晚完成交割，這將為承銷費率帶來新的動態。我們正更深入檢視此事，目標是提供一種更貼近我們平台建置方向、並以單位經濟利潤率為核心的衡量方式，讓各位更好地評估我們的成功。後續會再分享更多。

Figure Connect's growth is also leading to growth in democratized prime. These are two complementary layers of the same capital market stack designed to serve our partners at every stage of their financing journey. First, Figure Connect fast tracks our ability to launch new asset classes, adding auto, small business and third-party home equity alongside our core HELOC product without needing to build the origination engine ourselves. This expands our platform breadth, adds diversification, and attracts deeper capital supply.

Figure Connect 的成長也帶動了 Democratized Prime 的成長。這兩者是同一資本市場架構中的兩個互補層，旨在於合作夥伴融資旅程的每個階段提供服務。首先，Figure Connect 加速我們推出新資產類別的能力，讓我們在不必自行建立承作引擎的情況下，於核心 HELOC 產品之外新增汽車、小型企業與第三方房屋淨值等資產類別。這擴大了我們平台的廣度、提升多元化，並吸引更深厚的資金供給。

Second, that increased supply systematically drives down borrowing costs across the platform. Origination partners can leverage Democratize Prime as a flexible, modern warehouse facility to aggregate loans benefiting from streamlined onboarding, significantly reduced operational friction, and rates that are closely competitive with legacy warehouse alternatives. Ultimately, growth in Figure Connect fuels growth in Democratized Prime, making it a key value proposition for the broader Connect ecosystem.

第二，增加的資金供給會系統性地降低整個平台的借款成本。承作合作夥伴可將 Democratize Prime 作為彈性、現代化的倉儲融資工具（warehouse facility）來彙整貸款，受益於精簡的導入流程、顯著降低的營運摩擦，以及與傳統倉儲融資替代方案高度具競爭力的利率。最終，Figure Connect 的成長會推動 Democratized Prime 的成長，使其成為更廣泛 Connect 生態系的關鍵價值主張。

Given the growth and maturity of these dynamics, we're moving quickly to launch the next phase of this initiative, which includes long-term capital takeout via whole loan sales and securitizations for non-figure assets. Similarly, every partner we acquire is an upsell opportunity as we add more products like residential transition loans and DSCR with Kiavi.

鑑於這些動態的成長與成熟，我們正快速推進此計畫的下一階段，其中包括透過整批貸款出售（whole loan sales）與證券化（securitizations），為非 Figure 資產進行長期資本退出（capital takeout）。同樣地，隨著我們新增更多產品（例如透過 Kiavi 提供的住宅過渡貸款（RTL）與 DSCR），我們所取得的每一位合作夥伴也都是一次加值銷售（upsell）的機會。

Our Kiavi acquisition will only serve to strengthen partner interest. As their market reading RTL technology was previously not available as a private label marketplace offering and many prospects have therefore expressed excitement. We have started to receive key regulatory approvals for the transaction and anticipate closing by the end of this year.

我們對 Kiavi 的收購只會進一步強化合作夥伴的興趣。由於其市場領先的 RTL 技術先前並未以白標（private label）市集方案提供，因此許多潛在客戶表達了高度期待。我們已開始取得本交易的關鍵監管核准，並預期將於今年底前完成交割。

This was a very attractive transaction with an under four-year unlevered payback period and adds 40% to our volume as well as $100 million of EBITDA. This was a great opportunity to use an inorganic approach to make our flywheel spin faster.

這是一筆極具吸引力的交易：在不使用槓桿的情況下回收期不到四年，並使我們的量能增加 40%，同時新增 1 億美元 EBITDA。這是一次運用非有機方式（inorganic approach）讓我們的飛輪轉得更快的絕佳機會。

The opportunity with Kiavi reflects an important point about fintech and the broader problem Figure is solving. The residential transition loans are not agency eligible and therefore companies like Kiavi use their advantages, underwriting, technology and brand to benefit themselves. But that approach can only go so far. That's why we are so excited about our acquisition because we can use their market-leading technology to develop liquidity and standardization for the space.

Kiavi 的機會也反映出關於金融科技（fintech）以及 Figure 正在解決的更廣泛問題的一個重要觀點。住宅過渡貸款並不符合機構（agency）資格，因此像 Kiavi 這樣的公司會運用其優勢、承保、技術與品牌來讓自身受益。但這種做法能走的路有限。這也是我們對此次收購感到非常興奮的原因，因為我們可以運用其市場領先的技術，為該領域建立流動性與標準化。

By putting the marketplace first, we expand access to the advantage that make Kiavi the market leader, which is their post-renovation home loan valuation technology. And then we will make this technology the industry default, driving adoption at scale. We did this in HELOC. We're doing it with Demo Prime and other asset classes, and we'll do it with Kiavi as well.

透過以市集為先（marketplace first），我們擴大了市場對 Kiavi 成為領導者之優勢的取得，而該優勢正是其翻修後房屋貸款估值技術。接著，我們將把這項技術打造為產業預設標準，推動大規模採用。我們在 HELOC 上已做到這點。我們也正在 Demo Prime 與其他資產類別上推進，而在 Kiavi 上我們同樣會做到。

So I've shared a lot here on our growing business momentum. Now I'd like to dive in a little deeper on some of the details on the growing volumes our partners are bringing to us. 40% of our Figure Connect volume growth was attributed to customers that have been with us for longer than one year. We have shared previously that over time, we see 100% growth in monthly volumes from existing partners that adopt Connect.

以上我分享了許多關於我們業務動能持續增長的內容。接下來我想更深入談談合作夥伴帶給我們的成長量能的一些細節。我們 Figure Connect 量能成長中有 40% 來自與我們合作超過一年的客戶。我們先前也分享過，隨著時間推進，我們看到採用 Connect 的既有合作夥伴，其月度量能可成長 100%。

And this quarter, we saw a number of existing partners migrate to Connect and expand volume accordingly. Our partner New American Funding is one such example, as they grew volume 80% in Q2 versus Q1. They onboarded onto Figure Connect in early April. As interest rates have risen, end consumers are using their home equity balances to pay off higher interest rate consumer balances. Year-to-date, this has grown 4 percentage points of our total volume, reflecting the massive opportunity of the $35 trillion of home equity outstanding in the United States.

而在本季，我們看到多家既有合作夥伴遷移至 Connect，並相應擴大量能。我們的合作夥伴 New American Funding 就是一個例子，其第二季相較第一季量能成長 80%。他們在四月初導入 Figure Connect。隨著利率上升，終端消費者正使用其房屋淨值餘額來償還利率更高的消費性負債。年初至今，這部分占我們總量能的比重提升了 4 個百分點，反映出美國高達 35 兆美元未償房屋淨值所帶來的巨大機會。

Additionally, as these dynamics drive additional HELOC activity, our credit quality has improved, and delinquency performance has remained low. These growth stories are part of a larger winning with winners trend that we see at Figure, where market-leading companies, forward-thinking business leaders and those with offensive strategies are leaning into Figure and growing their businesses.

此外，隨著這些動態推動更多 HELOC 活動，我們的信用品質有所改善，逾期表現也維持在低檔。這些成長故事是 Figure 所觀察到「與贏家同行（winning with winners）」更大趨勢的一部分：市場領先的公司、具前瞻思維的企業領導者，以及採取進攻策略者，正更積極地與 Figure 合作並擴張其業務。

There has been increased M&A in the mortgage space. Within the past few months, for example, CrossCountry purchasing Two Harbors and Synergy One buying a retail business from Newrez. In each of these cases, for example, you have an existing figure partner buying business from a non-figure partner, allowing us to in turn grow with our customers.

房貸領域的併購（M&A）活動有所增加。例如在過去幾個月內，CrossCountry 收購 Two Harbors，以及 Synergy One 從 Newrez 買下一項零售業務。在上述每個案例中，都是既有的 Figure 合作夥伴向非 Figure 合作夥伴收購業務，使我們也能隨著客戶一同成長。

Along similar lines, in 2025, 185 of our partners have been live on our platform long enough for the full year of Home Mortgage Disclosure Act data to attribute their volume to us. We ran a counterfactual analysis to get a sense of how that volume compares to what they were doing pre-figure. We took each partner's HELOC activity from before they joined our platform and grew it forward at the rate the rest of the non-figure HELOC market grew over the same period.

同樣地，在 2025 年，我們有 185 家合作夥伴在平台上線的時間已足夠長，得以使用《房屋抵押貸款揭露法》（Home Mortgage Disclosure Act, HMDA）完整一年的資料，將其量能歸因於我們。我們進行了一項反事實（counterfactual）分析，以了解該量能與其加入 Figure 之前的表現相比如何。我們取用每位合作夥伴在加入平台前的 HELOC 活動量，並以同期間非 Figure 的 HELOC 市場其餘部分的成長率，將其向前推估。

That's the baseline, what these partners would have produced had they continued at their prior trajectory. The result, our partners originated 2.6 times more HELOC volume in 2025 than their pre-figure baseline would predict. We call this the Figure factor.

這是基準情境，也就是這些合作夥伴若持續沿著先前的成長軌跡，原本會產出的水準。結果是，我們的合作夥伴在 2025 年所發起的 HELOC 量，較其「Figure 介入前」的基準預測高出 2.6 倍。我們稱之為 Figure 因子。

Banks and credit unions are starting to take notice of this momentum. This is a focus area for us and we moved this into our recently launched new verticals go-to-market motion to give it extra attention. Banks are leaning into mortgage and home equity as they see the market opportunity and also the potential capital relief from proposed changes to risk weightings.

銀行與信用合作社開始注意到這股動能。這是我們的重點領域，因此我們已將其納入近期推出的「新垂直領域」上市推進（go-to-market）策略中，以給予額外關注。銀行正加碼房貸與房屋淨值業務，因為他們看見市場機會，也看見擬議中的風險權重調整可能帶來的資本釋放空間。

More recently, we've started to engage with large depositories that have big home equity businesses and are looking to leverage Figure Connect as a way to manage their exposure and even buy Community Reinvestment Act eligible assets, meaning they can use Figure Connect to source loans that meet their regulatory requirements to lend in certain zip codes.

最近，我們開始與大型存款機構接洽；這些機構擁有龐大的房屋淨值業務，並希望運用 Figure Connect 來管理其曝險，甚至購買符合《社區再投資法》（CRA）資格的資產。也就是說，他們可以透過 Figure Connect 取得符合其在特定郵遞區號放貸之監管要求的貸款。

It sometimes gets lost on the market that depositories are big customers of Fannie Mae and Freddie Mac, just because they have deposits does not mean they want to hold this fixed rate assets for 30 years, they want Connect. That same new verticals go-to-market motion includes our HELOC sold for business financing and via home improvement partners.

市場有時會忽略：存款機構其實是房利美（Fannie Mae）與房地美（Freddie Mac）的大客戶；僅因他們有存款，並不代表他們想把這些 30 年期固定利率資產持有 30 年——他們需要的是 Connect。同一套「新垂直領域」上市推進策略，也涵蓋我們將 HELOC 用於企業融資的銷售，以及透過居家裝修合作夥伴的通路。

These two businesses saw $470 million run rate volume as of June, with SMB growing 57% quarter-over-quarter at real scale. The partners originating home equity loans for business purpose are also generating opportunities for democratized prime as the SMB market has very little capital market standardization. And we therefore launched our SMB pool officially in July.

截至 6 月，這兩項業務的年化（run rate）量達 4.70 億美元，其中 SMB（中小企業）在具備實質規模的情況下，季增 57%。以企業用途發起房屋淨值貸款的合作夥伴，也正在創造「普惠化優質資產」（democratized prime）的機會，因為 SMB 市場在資本市場層面的標準化程度很低。因此，我們於 7 月正式推出 SMB 資產池。

Before I close it out, I'll share a few examples of how important technologies in the market today, AI and blockchain, are making a difference in our marketplace. I'll start with AI. Figure has a large task in that we must standardize multiple asset classes with disparate loan data and naming conventions that must be transformed into a standardized schema with a loan tape as an end product.

在我結束之前，我想分享幾個例子，說明當今市場上重要的技術——AI 與區塊鏈——如何在我們的市場中產生影響。我先從 AI 談起。Figure 面臨一項重大任務：我們必須將多種資產類別中彼此不同的貸款資料與命名慣例加以標準化，轉換為統一的資料綱要（schema），並以貸款明細表（loan tape）作為最終產出。

In response, we built an AI adapter tool that creates this necessary standardization. For the Agora Auto assets alone, the AI adapter accomplished in five weeks what would have been a several-month-long process and solves a huge partner pain point. This tool is also giving us the confidence to bring in Kiavi assets to our marketplace later this year.

為此，我們打造了一個 AI 轉接器工具，用以完成這項必要的標準化。僅就 Agora Auto 資產而言，AI 轉接器在五週內完成了原本需要數個月的流程，並解決了合作夥伴的一大痛點。這項工具也讓我們更有信心在今年稍晚將 Kiavi 資產引入我們的市場。

Similarly, we've been growing the use of stablecoin, yields in particular, as the payout infrastructure in Figure Connect partners selling loans can get paid in yields days faster than the status quo with lower fees. Doing so has us projecting meaningful savings from wire fees and reconciliation time. Stable coin allows for atomic settlement, which means asset ownership and conveyance can happen at the exact same time as money moves, reducing fraud and reconciliation.

同樣地，我們也持續擴大穩定幣的使用，特別是以「Yields」作為支付基礎設施；在 Figure Connect 上出售貸款的合作夥伴，透過 Yields 收款可比現行作法快上數天，且費用更低。因此，我們預期可在電匯費用與對帳時間上節省可觀成本。穩定幣可實現原子結算（atomic settlement），也就是資產所有權與移轉可在資金移動的同一時間完成，從而降低詐欺與對帳需求。

We are building the modern capital marketplace and we continue to use cutting edge technology to modernize our products. In summary, our Q2 results demonstrate once again that we are building on our first mover advantage and market leadership amidst a paradigm shift in the capital markets towards tokenization and standardization.

我們正在打造現代化的資本市場平台，並持續運用尖端技術來現代化我們的產品。總結而言，我們第二季的成果再次證明：在資本市場朝向代幣化與標準化的典範轉移之中，我們正憑藉先行者優勢與市場領導地位持續累積成果。

This is reflected in the growth of Figure Connect, our capital-light marketplace, huge partner acquisition momentum and diversification of our partner base. The future is bright, the future is tokenized and with that, I turn it over to Macrina.

這反映在 Figure Connect（我們的輕資本市場平台）的成長、合作夥伴拓展的強勁動能，以及合作夥伴基礎的多元化。未來一片光明，未來將是代幣化的；接下來我把時間交給 Macrina。

Thank you, Michael, and good morning, everyone. This was a great quarter, growth across every part of the business. Consumer loan marketplace volume was $4.3 billion, up 132% year-over-year from $1.8 billion and 4% above the top end of our guidance, our third consecutive quarter of triple-digit year-over-year growth.

謝謝你，Michael，各位早安。這是一個非常出色的季度，業務各個部分都在成長。消費者貸款市場平台（CLM）交易量為 43 億美元，較去年同期的 18 億美元年增 132%，並較我們指引區間上緣高出 4%，這也是我們連續第三個季度達成三位數的年增成長。

Adjusted net revenue was $218 million, up 95% year-over-year from $112 million. Figure Connect volume grew to 65% of CLM volume, up from 42% a year ago and up more than $2 billion year-over-year in absolute dollars. Overall partner branded volume is now at 83% of CLM volume.

調整後淨營收為 2.18 億美元，較去年同期的 1.12 億美元年增 95%。Figure Connect 交易量占 CLM 交易量的比重提升至 65%，高於一年前的 42%，且以絕對金額計年增超過 20 億美元。整體合作夥伴品牌量目前已達 CLM 交易量的 83%。

One milestone worth reiterating: ecosystem and technology fees this quarter became our largest contributor to adjusted net revenue for the first time, directly reflecting the ongoing mix shift towards Figure Connect, where we earned fee-based technology and ecosystem revenue.

有一個里程碑值得再次強調：本季生態系與技術費用首次成為調整後淨營收的最大貢獻來源，直接反映出組合持續轉向 Figure Connect——在該平台上，我們賺取以費用為主的技術與生態系收入。

As Michael noted earlier, net take rate was 3.6% for this quarter within the 3.5% to 4% range we discussed earlier in the year. Connect comes in at a lower take rate, but with high profitability to adjusted EBITDA, and it is the most capital light of our business. This brings more fee-based economics and is the fastest growth driver for our business and revenue.

如 Michael 先前所提，本季淨抽成率（net take rate）為 3.6%，落在我們年初討論的 3.5% 至 4% 區間內。Connect 的抽成率較低，但對調整後 EBITDA 的獲利能力很高，且是我們業務中最輕資本的一環。這帶來更多以費用為主的經濟模式，也是我們業務與營收成長最快的驅動力。

Democratized Prime ended the quarter with a matched offers balance of $392 million, reflecting continued adoptions following the expansion onto the Ethereum network this quarter and our broader Solana real-world assets consortium initiatives adding distribution as well. We are also at $170 million of third-party assets on Democratized Prime as of last week, primarily from growth coming out of the Agora partnership announced earlier this year.

普惠化優質資產（Democratized Prime）在季末的撮合報價餘額（matched offers balance）為 3.92 億美元，反映本季擴展至以太坊網路後的持續採用，以及我們更廣泛的 Solana 實體資產（RWA）聯盟計畫也帶來更多分銷。截至上週，我們在 Democratized Prime 上的第三方資產達 1.70 億美元，主要來自今年稍早宣布的 Agora 合作夥伴關係所帶動的成長。

We think this is an important number to watch going forward because it's the clearest signal we have that Democratized Prime is strengthening as a two-sided marketplace as part of our broader connect value proposition. Every dollar of third-party demand that comes onto the platform is a dollar that's choosing Figure's infrastructure over a traditional warehouse line.

我們認為這是一個未來值得持續關注的重要指標，因為它是我們最清楚的訊號，顯示 Democratized Prime 正在強化為一個雙邊市場，並成為我們更廣泛 Connect 價值主張的一部分。每一美元進入平台的第三方需求，都代表選擇 Figure 的基礎設施，而非傳統的倉儲授信額度（warehouse line）。

We expect this to keep building as we bring more partners onto the platform and as awareness of the capital availability and pricing advantage spreads across our existing partner base.

隨著我們將更多合作夥伴導入平台，以及資金可得性與定價優勢的認知在既有合作夥伴基礎中擴散，我們預期這將持續累積。

Moving to GAAP profitability, net income was $87 million, up from $30 million a year ago, an approximately 190% increase. That included a $4.4 million tax benefit from excess benefits on continued stock option exercises, following a similar and larger benefit in Q1. We expect ongoing post-IPO equity activity to continue to create periodic tax benefits that may not be indicative of our normalized operational rate. Over the long run, we still believe an annual effective tax rate of 26% is appropriate.

轉到 GAAP 獲利表現，淨利為 8,700 萬美元，高於一年前的 3,000 萬美元，約增加 190%。其中包含 440 萬美元的稅務利益，來自持續行使員工股票選擇權所產生的超額利益，與第一季類似但金額更大的一次性利益相呼應。我們預期 IPO 後持續的股權活動仍會不定期產生稅務利益，這些可能不代表我們常態化的營運稅率。長期而言，我們仍認為 26% 的年度有效稅率是合適的。

Adjusted EBITDA was $119 million, up 126% year-over-year from $53 million, with a margin of 55% versus 47% a year ago. This quarter included realized profit of $5.9 million from the sale of a business where we own the minority interest. Margin excluding this gain would be approximately 52% and continued progress toward our medium-term 60% plus target.

調整後 EBITDA 為 1.19 億美元，較去年同期的 5,300 萬美元年增 126%，利潤率為 55%，高於一年前的 47%。本季包含我們出售一項持有少數股權之業務所實現的 590 萬美元獲利。若排除此項收益，利潤率約為 52%，並持續朝我們中期 60% 以上的目標邁進。

We continue to support democratized prime by deliberately retaining a portion of our loans on balance sheet longer than we normally do. Approximately $360 million at quarter end, as I indicated last quarter to help build out the democratized prime marketplace. That has two effects. Both interest income and interest expense were higher and adjusted EBITDA margin was reduced by approximately 1.7 points since it added lower margin interest revenue to a larger denominator.

我們持續支持普惠化優質資產（democratized prime），做法是刻意將部分貸款在資產負債表上保留的時間比平常更長。如我上季所提，季末約為 3.60 億美元，以協助建構 democratized prime 市場平台。這帶來兩個影響。利息收入與利息費用都較高，且由於將較低利潤率的利息收入納入更大的分母，調整後 EBITDA 利潤率約降低 1.7 個百分點。

As continued proof of operating leverage, operations and processing costs were at approximately 67 basis points of volume, down from roughly 79 basis points a year ago, even as we process more than double the volume. We continue to invest in AI and automation in our operations process.

作為營運槓桿持續展現的證明，營運與處理成本約為交易量的 67 個基點，較一年前約 79 個基點下降，即使我們處理的量已超過當時的兩倍。我們持續在營運流程中投資 AI 與自動化。

For this quarter, I wanted to briefly touch on the strength and performance of Figure and partner originated loans that have followed Figure's underwriting standards and utilized our loan origination system. Today, these loans are held by loan buyers or securitization vehicles. We sometimes get asked with growth at this pace whether we're opening up the credit box to get there.

就本季而言，我想簡要談談遵循 Figure 承作標準並使用我們貸款起源系統、由 Figure 與合作夥伴發起之貸款的強勁表現與績效。目前，這些貸款由貸款買方或證券化載體持有。我們有時會被問到，在如此快速的成長下，我們是否為了達成目標而放寬授信範圍。

In short, we're not. If anything, the underwriting standards have gotten stronger. Weighted average FICO at origination has moved from 737 in 2020 to 756 year-to-date and weighted average CLTV, which is combined loan-to-value, has come down over that time period to 62.1%. Average loan size has grown as well from 52,000 to 96,000, reflecting a shift toward larger, more established borrowers.

簡而言之，沒有。若有的話，承作標準反而更嚴格。起貸時的加權平均 FICO 已從 2020 年的 737 提升至今年迄今的 756；加權平均 CLTV（即綜合貸款價值比）在此期間也下降至 62.1%。平均貸款金額亦由 52,000 增至 96,000，反映我們轉向規模更大、基礎更穩健的借款人。

Our execution in the capital markets has strengthened right alongside that as we continue to show a track record on loan performance. AAA spreads on our figure HELOC securitization shelf have come in from roughly 255 basis points in 2023 to roughly 135 basis points year-to-date across 22 price deals, about 120 basis points tighter, while economics for note buyers have held up well.

隨著我們持續展現貸款表現的實績，我們在資本市場的執行力也同步增強。我們 Figure HELOC 證券化平台上的 AAA 利差已由 2023 年約 255 個基點收斂至今年迄今在 22 筆定價交易中約 135 個基點，約收窄 120 個基點，同時票據買方的經濟性仍維持良好。

We've also grown the buyer base materially from approximately 50 buyers in 2023 to over 100 unique note buyers today, with 70% of them active across multiple deals. On performance, our securitized loan pools continue to perform well as they season, even as the securitized collateral base nearly doubled to $7.7 billion year-over-year. This reflects the same credit discipline we apply at origination.

我們也大幅擴大買方基礎，從 2023 年約 50 位買方增加至目前超過 100 位不重複的票據買方，其中 70% 參與多筆交易。在表現方面，我們的證券化貸款池隨著存續期拉長仍持續表現良好，即使證券化擔保品規模年增近一倍至 77 億美元。這反映了我們在起貸時所採取的同樣授信紀律。

We also continue to see strong recovery behavior across the broader servicing portfolio. A meaningful share of loans that go delinquent cure back to current or pay off in full within six months, rather than continuing to deteriorate. That combination of disciplined underwriting and strong post delinquency recovery is what gives us confidence in the book as it scales.

我們也持續在更廣泛的服務管理（servicing）投資組合中看到強勁的回復（recovery）行為。相當比例的逾期貸款會在六個月內恢復正常繳款或全額清償，而非持續惡化。嚴謹的承作與逾期後強勁的回復表現相結合，讓我們對投資組合在擴張過程中的品質更有信心。

Turning to our balance sheet, we ended the quarter with $1.44 billion in cash and cash equivalents and subsequent to quarter end, on July 14, we closed our rate at $600 million senior notes offering at 8.5%, putting financing for the acquisition fully in place ahead of our expected Kiavi close in the second half.

談到資產負債表，我們在季末持有 14.4 億美元的現金及約當現金；且在季後的 7 月 14 日，我們完成 6 億美元、票面利率 8.5% 的優先票據發行，使得收購案的融資在預期於下半年完成 Kiavi 交割之前即已全數到位。

This debt transaction broadened our funding base and added a new source of liquidity for us to be able to tap into the future. We think this strongly demonstrates the maturity of the company, the quality of the franchise and our ability to access capital in a disciplined way. We want to preserve balance sheet flexibility, avoid unnecessary equity dilution and fund strategic opportunities in a way that supports long-term growth.

這筆債務交易擴大了我們的資金來源基礎，並新增一項未來可動用的流動性來源。我們認為這有力展現了公司的成熟度、特許經營（franchise）的品質，以及我們以審慎方式取得資本的能力。我們希望維持資產負債表的彈性，避免不必要的股權稀釋，並以支持長期成長的方式為策略性機會提供資金。

This unsecured debt raise is not just to finance the Kiavi acquisition but is an important step in expanding our capital toolkit as we continue to scale the business. Looking ahead, we are establishing our Q3 consumer loan marketplace volume guidance in the range of $4.8 billion to $5.2 billion. We're one month into the quarter and July came in at $1.7 billion.

這次無擔保舉債不僅是為了資助 Kiavi 收購，也是我們在持續擴大業務規模之際、擴充資本工具箱的重要一步。展望未來，我們對第三季消費者貸款市集成交量的指引區間為 48 億至 52 億美元。本季已過一個月，7 月成交量為 17 億美元。

July has historically been a good indicator for the full quarter and applying the actual August and September historical pattern from both 2024 and 2025 to this July result lands Q3 volume in a narrow band around $5 billion, the midpoint of the range we're guiding to today. We feel good about how the quarter is tracking.

歷史上 7 月通常是判斷整季表現的良好指標；將 2024 與 2025 年 8 月與 9 月的歷史型態套用到本次 7 月結果，第三季成交量會落在約 50 億美元的狹窄區間，亦即我們今日指引區間的中點。我們對本季目前的進展感到樂觀。

Our confidence here is really an extension of everything I walked through earlier. The partner ramp we're seeing on Figure Connect isn't slowing down and Kiavi is on track to close in the second half, which will layer in a potential additional growth factor we haven't reflected in this range yet. So when we say we feel good about the quarter, it's not just one month of data. It's that same set of drivers continuing to compound.

我們的信心其實是我先前所說各項因素的延伸。我們在 Figure Connect 看到的合作夥伴爬坡並未放緩，而 Kiavi 也按計畫將於下半年完成交割，這將帶來一個我們尚未納入本次區間的潛在額外成長動能。因此，當我們說對本季感到樂觀時，並不只是基於一個月的數據。而是同一組驅動因素持續疊加、複利成長。

Before we go to questions, I want to close with the same note I opened on. This was a genuinely strong quarter across every dimension we care about. Volume, revenue and margin, which none of it came at the expense of credit discipline. Connect is scaling even faster than we planned, our balance sheet is stronger and more diversified than it's ever been, and we're heading into the back half of the year with Kiavi, Democratize Prime and our core Connect business all pulling in the same direction.

在進入問答之前，我想以我開場時的同樣重點作結。這一季在我們關注的每個面向都確實表現強勁。成交量、營收與利潤率，而且這些成果都不是以犧牲授信紀律為代價。Connect 的擴張速度甚至快於我們原先規劃；我們的資產負債表比以往任何時候都更強健且更多元；而我們正帶著 Kiavi、Democratize Prime 以及核心 Connect 業務在同一方向發力，邁入下半年。

Thank you, and we will now open up the queue for questions.

謝謝，現在我們將開放提問排隊。

(Operator Instructions)

（接線員指示）

Patrick Moley, Piper Sandler.

Patrick Moley，Piper Sandler。

Yes, good morning. Thanks for taking the question. So I guess I just was hoping you could maybe elaborate on the 3Q guidance for origination volumes. It seems like you're expecting strengthen in July to continue throughout the rest of the quarter. So if you could just maybe talk about some of the assumptions that are baked in there.

是的，早安。謝謝讓我提問。我想請你們進一步說明第三季起貸量指引。看起來你們預期 7 月的走強會延續到本季剩餘時間。因此，若可以的話，請談談其中隱含的一些假設。

And then in terms of the new partners that were added in the second quarter, could you maybe just talk about the size? I know you said one of them was already one of the largest players on Connect, but just maybe the nature of those new partners added and how we should think about them contributing to volume into the back half of the year?

另外，關於第二季新增的合作夥伴，你們能否談談其規模？我知道你們提到其中一家已是 Connect 上最大的參與者之一，但仍想請你們說明這些新增合作夥伴的性質，以及我們應如何看待他們在下半年對成交量的貢獻？

Good morning, Patrick, and I'll go first and then hand it over to Michael for the partner section. So last quarter was the first time that we guided as a company. And back then, as we were talking about during the call, we leaned towards being a little bit more conservative. We had some new partners that onboarded in late Q4 and into early Q1 and volume ramp timeframe was in a range, and so we wanted to be prudent as much as possible last quarter.

早安，Patrick。我先回答，接著把合作夥伴的部分交給 Michael。所以上一季是我們公司第一次提供指引。而當時如同我們在電話會議中所談，我們傾向採取較為保守的作法。我們在第四季末到第一季初有一些新合作夥伴上線，而成交量爬坡的時間框架有一定區間，因此上一季我們希望盡可能審慎。

This quarter, we feel very strongly confident in the range that I mentioned before. As I indicated earlier, July was $1.7 billion. We understand from looking at history how August and September would come in. I would also take into account some level of business days in the months of August and September, which is why we're pretty confident around the $5 billion midpoint of the range that I mentioned. I'll turn it over to Michael on the partner expectations.

本季，我們對我先前提到的指引區間非常有信心。如我先前所說，7 月為 17 億美元。我們從歷史資料了解 8 月與 9 月大致會落在什麼水準。我也會把 8 月與 9 月的營業日天數因素納入考量，這也是為什麼我們對我提到的區間中點約 50 億美元相當有把握。接下來把合作夥伴預期的部分交給 Michael。

So we're operating with a well-oiled go-to-market machine. Of that 102, it's pretty broad-based around the different segments of the market, meaning independent mortgage banks, banks and credit unions, IMBs, fintechs, et cetera. And at the same time, you also have a pretty nice range of size. So we talked about in the quarter in Q2, we had a partner go directly to Figure Connect and become one of the largest.

所以我們正以一套運轉順暢、成熟的上市推廣（go-to-market）機器在運作。在這 102 家之中，涵蓋市場不同區隔，分布相當廣泛，包括獨立房貸銀行、銀行與信用合作社、IMB、金融科技公司等等。同時，客戶規模的分布也相當不錯。所以我們在第二季（Q2）的季度中提到，我們有一家合作夥伴直接導入 Figure Connect，並成為其中規模最大的之一。

That's not necessarily the norm, but it's also not something that we expect to be unusual going forward. So we're attracting a broad range of customers in terms of both the type but also the size, and we have a number of different go-to-market motions that we see as very successful and continuing to expand.

這不一定是常態，但我們也不預期未來會是不尋常的情況。因此，我們吸引到的客戶在類型與規模兩方面都相當多元；而且我們有多種不同的 go-to-market 推進方式，我們認為都非常成功，並且會持續擴張。

All right, great. That's it for me. Congrats on the quarter.

好的，很棒。我這邊就到這裡。恭喜本季表現。

James Yaro, Goldman Sachs.

James Yaro，高盛。

Good morning and thanks for taking the question. I hoped we could turn perhaps to the buyer side of the consumer loan marketplace. Could you just maybe provide some additional color on what sort of buyer types you're adding and what percentage of those are engaged with Figure Connect?

早安，謝謝讓我提問。我想我們或許可以轉到消費者貸款市集的買方端。你能否再補充一些細節，說明你們新增的是哪些類型的買方，以及其中有多少比例是透過 Figure Connect 參與的？

So all our buyers are engaged with Figure Connect, that's the way that they buy on the platform and all the incremental buyers we bring are Connect first. And the range is pretty broad and consistent with what we had talked about before. So it's going to be a combination of insurance companies, asset managers, credit funds and we continue, in fact, earlier this week, we were out meeting with a very large asset manager that has not yet purchased on the platform.

我們所有的買方都透過 Figure Connect 參與，這就是他們在平台上購買的方式；而我們新增的所有買方也都是以 Connect 優先（Connect first）。買方類型的範圍相當廣，且與我們先前談到的內容一致。因此會是保險公司、資產管理公司、信貸基金等的組合；而且我們持續推進——事實上就在本週稍早，我們外出拜訪了一家非常大型、但尚未在平台上購買過的資產管理公司。

So there's a number of opportunities and Todd Stevens and his team dedicate all of their time to meeting with asset managers, both existing and new to continue to drive momentum. And one thing that he often shares is volume begets volume. So people like to buy at scale. And as we get bigger, it actually opens up the opportunity for more people to join because people want to see that consistency and want to know that if they do the work on understanding figure, there's going to be volume to purchase in the future.

所以機會很多，Todd Stevens 與他的團隊把所有時間都投入在與資產管理公司會面，不論是既有或新客戶，以持續推動動能。他常分享的一點是：量會帶來量（volume begets volume）。也就是說，人們喜歡以規模化的方式購買。而當我們規模變大，反而會為更多人加入打開機會，因為大家想看到一致性，也想知道如果他們投入時間理解 Figure，未來會有足夠的量可以購買。

So our growth is -- back to that flywheel concept, adding more buyers and therefore helping us continue to take in spreads and therefore bring more volume in a very virtuous cycle.

因此，我們的成長——回到那個飛輪概念——是透過增加更多買方，進而幫助我們持續取得利差（spreads），再進一步帶來更多量，形成非常良性的循環。

Great, thank you. Just as a follow-up, I just wanted to level set on the take rate. Could you just clarify whether there have been any pricing cuts? The take rate or is the lower take rate entirely from mix shift into new products? I think that's an important distinction. And then if that's true, there have not been any take rate cuts on the pricing side, do you see any risk that you might have to cut pricing in the near term?

很好，謝謝。我想追問一下，我只是想先把 take rate 的基準釐清。你能否說明是否有任何降價（pricing cuts）？take rate 下降是否完全是因為產品組合轉向新產品所致？我認為這是很重要的區別。另外，如果確實沒有在定價端下調 take rate，你們是否看到短期內可能需要降價的風險？

Great question and you're right, it's good to clarify this. We don't see take rate as the take rate performance in this quarter coming from price cuts. Instead, take rate is really a product of the success of Figure Connect. And we've talked about Figure Connect as having the lowest take rate of the three ways we do volume, direct-to-consumer, figure as intermediary, and then Connect. And so because we're seeing partners that are coming direct to connect, that's a dynamic we didn't necessarily appreciate what happened as fast as it is.

問題很好，你說得對，釐清這點很重要。我們不認為本季 take rate 的表現是來自降價。相反地，take rate 其實是 Figure Connect 成功的產物。我們談過 Figure Connect 在我們三種放量方式中 take rate 最低：直接面向消費者（direct-to-consumer）、Figure 作為中介（intermediary），以及 Connect。因此，因為我們看到合作夥伴直接導入 Connect，這是一個我們先前沒有充分預期會發生得這麼快的動態。

And so that's why we've gone -- we went 9 points as a percentage of volume in the quarter in terms of what Figure Connect was. And so you see take rate as really a result of that strategy. It's something that we want to happen. We're excited about this. It's not coming from partner pressure. And what you'll see is that 3.5 to 4, as I mentioned in prepared remarks, is still appropriate, but we see the lower end of that range as realistic for the coming quarter.

因此，這也是為什麼本季以量的占比來看，Figure Connect 提升了 9 個百分點。所以你看到的 take rate，實際上是該策略的結果。這是我們希望發生的事情。我們對此感到興奮。這並不是來自合作夥伴的壓力。而你會看到，正如我在事先準備的講稿中提到的，3.5 到 4 的區間仍然合適，但我們認為接下來一季更可能落在該區間的低端。

That's really helpful. Thanks a lot.

這真的很有幫助。非常感謝。

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

Thanks, everyone. Maybe dovetailing off of James' question on the take rate. I think it would be helpful if you could maybe quantify where the pricing floor is in the Connect channel. Particularly when considering, I think, the tiered pricing volume discounts that you have for your larger partners, which I think is something that may not be as appreciated by investors. So maybe just as a starting point sharing where that lowest pricing tier is on Connect and that would be irrespective, obviously, of like the volatility that gain on sale can cause the take rate.

謝謝各位。我想延續 James 關於 take rate 的問題。如果你們能量化一下 Connect 通路的定價底線（pricing floor）會很有幫助。特別是考量你們對大型合作夥伴提供的分級定價與量的折扣（tiered pricing volume discounts），我認為投資人可能沒有充分理解這點。所以也許先從分享 Connect 上最低的那一級定價在哪裡開始；當然這會不受出售收益（gain on sale）波動對 take rate 造成影響的干擾。

Sure. So I'll talk about -- so our pricing is in terms of ecosystem fees rather than take rate, but obviously, they're related. So our kind of top volume tier pricing is right at the bottom of the range of take rate, meaning if you're a partner that goes to the highest tier, in general, you're going to be at the bottom of the take rate range we provided. Of course, there's other dynamics such as servicing fees, interest rates, as well as whether or not the loan is securitized, all of those impact take rate.

當然。我先說明一下——我們的定價是以生態系費用（ecosystem fees）來呈現，而不是以 take rate，但兩者顯然相關。我們最高量級（top volume tier）的定價，正好落在 take rate 區間的底部；也就是說，如果你是進入最高級別的合作夥伴，一般而言，你會落在我們提供的 take rate 區間下緣。當然，還有其他動態因素，例如代管/服務（servicing）費用、利率，以及貸款是否證券化，這些都會影響 take rate。

And then you have sort of volatility and gain on sales. So there's a couple of things that are moving there, but the pricing that we do is generally aligned with the bottom of the range. I'll note though that when we set the pricing, we don't actually set it based on take rate. We set it based on contribution margin.

另外還有波動性與出售收益（gain on sale）。所以有幾個因素在變動，但我們的定價通常與該區間的底部一致。不過我也要指出，我們在設定定價時，實際上並不是以 take rate 為基礎。我們是以貢獻毛利（contribution margin）為基礎來設定。

So one of the things we wanted to do with the Kiavi acquisition is give the analyst and investor community a bit more color into how contribution margin looks because that trajectory has actually been both better and more stable as a percentage of volume over the past couple of quarters. So I think that additional disclosure will be helpful. We just want to give it when we have full line of sight into Kiavi to make sure that we really only have to explain it at one time to you all and not waste your time.

因此，我們希望透過收購 Kiavi，讓分析師與投資人社群更清楚看到貢獻毛利的樣貌，因為在過去幾個季度，貢獻毛利占量的軌跡其實更好、也更穩定。所以我認為額外的揭露會有幫助。我們只是希望在對 Kiavi 有完整掌握、具備全盤視野之後再提供，確保我們只需要向各位解釋一次，而不是反覆占用大家的時間。

That's helpful, but I guess maybe a follow-up to that, help us understand why you're talking about 3Q take rates at the low end of that 3.5 range when you're saying that that low end is only aligned with your largest volume partners on Connect and considering the mix of the business with a lot of smaller origination partners, the business is not on Connect, why are we talking about the all-intake rate across the entire business already hitting that 4. Am I missing something there?

這很有幫助，但我想追問的是：你們說第三季（3Q）的 take rate 會落在 3.5 這個區間的低端；但你們同時又說這個低端只與 Connect 上最大量的合作夥伴一致。再考量到業務組合中有很多較小的承作（origination）合作夥伴、以及部分業務並不在 Connect 上，為什麼我們會在談整體業務的綜合 take rate 已經到 4？我是不是漏掉了什麼？

So you're not missing anything. 65% of the volume is already on Figure Connect. In general, we see that increasing in the quarter. And then we have the general variability that comes with other business models, as well as differing mix shifts potentially on servicing, as well as mix shifts that come from the securitization parts of the business. So based on the visibility that we have, we continue to see the low end of the range as realistic, but we'll continue to update you if that changes.

所以你沒有漏掉任何東西。65%的量已經在 Figure Connect 上了。整體而言，我們看到這在本季持續增加。接著，我們也有其他商業模式所帶來的一般波動性，以及在服務（servicing）上可能出現的不同組合變動，還有來自業務中證券化部分所帶來的組合變動。因此，基於我們目前的能見度，我們仍然認為區間低端是可實現的，但如果有變化，我們會持續向各位更新。

Rob Wildhack, Autonomous Research.

Rob Wildhack，Autonomous Research。

Hi, guys. Maybe on that last line of discussion, you've got nice growth in Figure Connect volumes, but growth in ecosystem and technology fees is not growing as fast. And I think this quarter, just isolating those two lines alone, like ecosystem and tech fees are less than 3% of Connect volumes. So why is that? Like, is there some kind of non-volume related component that's in ecosystem and tech fees or something that we're all missing here?

嗨，各位。也許接著剛才最後那段討論，你們的 Figure Connect 交易量成長不錯，但生態系與技術費用（ecosystem and technology fees）的成長沒有那麼快。而且我想這一季，如果只單看這兩條線，生態系與技術費用不到 Connect 交易量的3%。所以為什麼會這樣？例如，生態系與技術費用裡是否有某種與交易量無關的組成，或是我們漏看了什麼？

Well, I'll start and Macrina is the closest to the composition of take rate, but just remember that, for example, servicing fees are a separate line item. And so that's one of the components. And in general, this is the first quarter that ecosystem fees are the largest on the P&L. So it continues to reflect that migration to Figure Connect, but I'll turn it over to you, Macrina.

我先回答，Macrina 對費率（take rate）的組成最清楚，但請記得，例如，服務費（servicing fees）是另一個獨立的科目。所以那是其中一個組成部分。而且整體來看，這是生態系費用首次成為損益表上占比最大的項目。所以這持續反映出向 Figure Connect 的遷移，不過我把問題交給你，Macrina。

Yeah. And what we also have as part of the take rate is that we have the mortgage servicing add addition, so gain on mortgage servicing that goes on to our revenue. The total part that you see on GAAP P&L includes fair value and we actually adjust that out as part of adjusted net revenue. So I do want to keep you honest in terms of -- we're not taking the full GAAP amount, we are taking just the addition of the new servicing that is being added as part of our take rate.

對。另外，作為費率（take rate）的一部分，我們也有房貸服務權新增的部分，也就是房貸服務權收益（gain on mortgage servicing）會計入我們的營收。你在 GAAP 損益表上看到的總額包含公允價值（fair value），而我們在調整後淨營收（adjusted net revenue）中會把那部分調整掉。所以我確實想提醒你——我們並不是採用完整的 GAAP 金額，我們只納入作為費率一部分、因新增服務而增加的那一段。

Okay, but if we like if I just isolate ecosystem and tech fees, so no servicing, no origination fees and divide that by figure connect volumes, like that number is coming down over time. And so we hear you on, no pricing cuts or anything like that, but what would be the driver there?

了解，但如果我只單看生態系與技術費用，也就是不含服務、不含承作費（origination fees），再除以 Figure Connect 交易量，那個比率隨時間是在下降。所以我們聽到你們說沒有降價或類似動作，但那背後的驅動因素會是什麼？

So it's going to be the tiers that people hit on volume. So I just want to be super clear on this point. We're not renegotiating our volume tiers with partners, but when we sign up partners, we establish volume-based pricing that comes down to incentivize partners to do volume with us. And so as they hit higher volume tiers, their individual pricing comes down. But in general, as we talked about, that's going to put us at the lower end of the guided range we gave. Is that making sense?

那會是客戶在交易量上達到不同級距（tiers）。我想把這點講得非常清楚。我們沒有和合作夥伴重新談判交易量級距，但當我們簽下合作夥伴時，我們會設定以交易量為基礎的定價，並隨著量增加而下調，以激勵合作夥伴在我們這裡做量。因此，當他們達到更高的交易量級距時，他們的個別定價就會下降。但整體而言，如同我們先前談到的，這會讓我們落在我們所給指引區間的低端。這樣有說清楚嗎？

It does. Thanks. And then if I could just sneak one more in, loans on the balance sheet up to like $600 million, can you just remind us of the strategy? Because we hear you talking about how Figure Connect is less balance sheet intensive and third-party demo prime is growing nicely. And does that continue to grow or is like $600 million maybe the cap?

有的。謝謝。另外如果我可以再追問一題，資產負債表上的貸款增加到大約6億美元，可以再提醒我們策略是什麼嗎？因為我們聽到你們說 Figure Connect 對資產負債表的依賴較低，而且第三方 Democratized Prime 成長得很好。那這會繼續成長，還是6億美元大概就是上限？

Okay, so I'll just put this into part. So balance sheet loans was about $600 million at the end of the quarter. We had about $360 million of Democratized Prime that was supported with figures, borrower demand. This is pretty consistent with what we had back in Q1, moving into Q2, so that number really hasn't changed. We are continuing to add more in terms of third-party Democratized Prime loans from the borrower side, which I mentioned in my earlier remarks.

好，我分幾個部分說明。本季末資產負債表貸款大約是6億美元。其中大約3.6億美元是由 Figure 的借款人需求所支撐的 Democratized Prime。這和我們在第一季、進入第二季時的水準相當一致，所以那個數字其實沒有太大變化。我們持續在借款人端增加更多第三方的 Democratized Prime 貸款，我在先前的發言中也有提到。

The other part that is making up the $600 million is we do have loans where Figure does go direct to consumer, where Figure is also the acting intermediary before the loans are sold on to Connect. And as you saw, our growth overall in volume from Q1 to Q2 is quite significant.

構成這6億美元的另一部分是，我們確實有一些貸款是 Figure 直接面向消費者（direct to consumer），以及 Figure 在貸款賣到 Connect 之前擔任中介的情況。而如你所見，我們從第一季到第二季的整體交易量成長相當顯著。

And what that translates to is that we hold on to these types of loans, whether we're going direct to consumer or Figure as an intermediary, around three to four weeks at a time before it's sold on to Connect. And that's because we want to be able to aggregate the loans before it's sold. And so you're just seeing really a natural way of seeing that volume growth is translating into loans on our balance sheet for a temporary amount of time before it's sold on in Q3.

這代表的是，無論是我們直接面向消費者，或是 Figure 作為中介，我們通常會持有這類貸款大約三到四週，之後才賣到 Connect。原因是我們希望在出售前先把貸款打包聚合。所以你看到的其實是很自然的現象：交易量成長會在短期內反映為資產負債表上的貸款，之後在第三季出售出去。

Got it. Thank you.

了解。謝謝。

Dan Dolev, Mizuho.

Dan Dolev，Mizuho。

Hey, guys. Really nice results here. Fascinating growth, triple digits. Wanted to ask about the SMB home improvement diversification. Looks really interesting here. Any comments you can make on this strategy and what it does for Figure would be really helpful for investors. Thank you.

嗨，各位。這次的結果非常不錯。成長很吸引人，三位數成長。我想問一下 SMB（中小企業）居家改善（home improvement）多元化這塊。看起來很有意思。你們能否評論一下這個策略，以及它對 Figure 的意義？這對投資人會很有幫助。謝謝。

Thanks, Dan. It's interesting to reflect on that because it shows a number of highlights of what Figure does best, right? You have the $35 trillion of home equity outstanding. And as we talked about, in any interest rate environment, that's going to be really attractive. And so what's happening is people who have that home equity are using that to fund small business financing. And that's a new avenue for us.

謝謝你，Dan。回頭看這件事很有意思，因為它凸顯了 Figure 最擅長的幾個亮點，對吧？你有高達35兆美元的未償房屋淨值（home equity）。而且如我們所說，在任何利率環境下，這都會非常有吸引力。所以現在發生的是，擁有房屋淨值的人正在用它來支應中小企業融資。這對我們而言是一條新的路徑。

We're laughing about a year of us launching that and it's already grown to a meaningfully significant portion of our volume. And it's a new go-to-market motion. So back to what's driving that 102 partners is we're now signing up people that would historically not have been in the mortgage business whatsoever. They're business loan originators, brokers, fintechs, but they're able to use Figure because we make it so simple and easy and inexpensive.

我們也在笑說，我們推出這項業務才一年，它就已經成長到占我們交易量中相當有意義的一部分。而且這是一種新的市場進入方式（go-to-market motion）。所以回到那102個合作夥伴的驅動因素，我們現在簽下的是過去在歷史上完全不會做房貸業務的人。他們是商業貸款承作方、經紀商、金融科技公司，但他們能使用 Figure，是因為我們把流程做得非常簡單、容易且成本低。

Big part of our broader strategy is to take partners that normally wouldn't be in this space and give them tooling to join our platform, join our marketplace, be capital light, be part of Figure Connect, and you're really seeing that strategy born out. We're also seeing a similar dynamic in the home improvement space. So this would be traditionally unsecured loans towards things like home renovation, roofing, pools, etc. That's starting to grow really nicely as well, and we're excited about the momentum we see in that space.

我們更廣泛策略的一大部分，是把原本通常不會進入這個領域的合作夥伴帶進來，提供他們工具加入我們的平台、加入我們的市場，做到輕資本（capital light），成為 Figure Connect 的一部分，而你們確實看到這個策略正在開花結果。我們在居家改善領域也看到類似的動態。這傳統上會是用於居家翻修、屋頂、泳池等用途的無擔保貸款。這部分也開始成長得很不錯，我們對於在這個領域看到的動能感到很興奮。

And as I pointed out on the call, we decided to make depositories a specific focus within the new vertical approach that we're taking, which is really a go-to-market motion in terms of how do we align internal resources and mobilize. And we see just massive opportunity there as well. So a lot of momentum on growth, which is our focus, and continuing to bring that growth into Figure Connect, that capital-wide marketplace. That's our strategy and we're continuing to execute accordingly.

正如我在電話會議中指出的，我們決定在我們正在採取的新垂直化方法中，將存款機構作為一個特別的重點；這實際上是一種市場進入（go-to-market）的推進方式，關鍵在於我們如何對齊內部資源並加以動員。我們也看到那裡同樣存在巨大的機會。因此，在成長方面有很多動能——這也是我們的重點——並持續把這些成長導入 Figure Connect 這個覆蓋整個資本端的市場平台。這就是我們的策略，我們也正持續據此執行。

Thanks, Michael. Really nice results. Congrats again.

謝謝你，Michael。成果非常亮眼。再次恭喜。

Kyle Peterson, Needham.

Needham 的 Kyle Peterson。

Great. Good morning and thank you for taking the questions. Nice results. And not to belabor the take rate, but wanted to start off there and maybe see if you guys could directionally give us some impact on -- you guys mentioned a spike in interest rates kind of weighed on some of the gain on sale this quarter or is expected to in the third quarter.

太好了。早安，謝謝你們接受提問。表現很不錯。我不想過度糾結於抽成率（take rate），但想先從這裡開始，看看你們是否能在方向上提供一些影響程度——你們提到利率的跳升在本季對部分出售收益（gain on sale）造成壓力，或預期在第三季也會如此。

But I guess how much of a headwind is that expected to be and like what's the relative impact of that that's kind of pushing you towards the 3.5 range and then I guess if if rates stabilize, should that headwind kind of abate after this quarter?

不過我想問，預期這會帶來多大的逆風？相對影響有多大，會把你們推向 3.5 左右的區間？另外，如果利率趨於穩定，這個逆風是否會在本季之後減弱？

Good morning Kyle. I'll get started and then Michael feel free to add if you'd like. So in our prepared remarks, we did talk about some of the rate headwind in terms of gain on sale and gain on sale is another portion of take rate that we consider, and it does get impacted by the macro markets and so when rates are wider, then we are going to have a little bit less of a gain on sale. When rates are tighter, then we're going to have a better gain on sale, which is what you're seeing, and that's more volatile compared to what we would see for ecosystem fees and technology fees.

早安，Kyle。我先開始回答，然後 Michael 也歡迎補充。在我們的事先準備發言中，我們確實談到一些利率逆風對出售收益（gain on sale）的影響；而出售收益是我們所考量的抽成率（take rate）的另一個組成部分，它會受到總體市場影響，因此當利率利差擴大時，我們的出售收益會略低；當利率利差收斂時，我們的出售收益會更好，這也是你現在看到的情況。相較之下，這一項的波動性高於我們在生態系費用與技術費用上看到的波動。

The other part that I would also mention is, although our take rate is coming in on the lower end of the range, Michael had mentioned earlier as well, we are seeing a lot of success in Figure Connect. The Figure Connect contribution margin is coming in really nicely. That is why you're seeing additional growth in our adjusted EBITDA margin and growth in our profitability as well. Michael, do you want to add a few more things?

另外我也想提到，雖然我們的抽成率落在區間的較低端，但如同 Michael 先前也提到的，我們在 Figure Connect 上看到很多成功。Figure Connect 的貢獻毛利率表現非常好。這也是為什麼你會看到我們調整後 EBITDA 利潤率進一步成長，以及獲利能力也在提升。Michael，你要不要再補充幾點？

Just agree. And we were simply talking about Q2 there. We can't yet know all of the interest rate movements for Q3. We're just letting you know that that volatility will always be a part of the figure as intermediary revenue line item, and that's why we're so focused on growing Figure Connect. Because it gives us much more stability and also that capital light. So that's really our focus.

我同意。而且我們剛剛只是談到第二季（Q2）。我們目前還無法得知第三季（Q3）所有的利率變動。我們只是想讓你知道，這種波動性將永遠是作為中介收入（intermediary revenue）科目的一部分，因此我們才如此專注於擴大 Figure Connect。因為它能帶來更高的穩定性，同時也更資本輕（capital light）。所以這確實是我們的重點。

Great. That's helpful. And then I guess as a follow-up, it's great to see Agora seems like the volumes there are really starting to inflect higher and there's a lot of good things happening on the auto front. I guess, should we think about in terms of timeline and additional asset classes that you guys are spinning up, is this kind of the playbook and time frame is from when -- you get someone or an asset class announced and signed to when the volumes start to really inflect and start to contribute a little more meaningfully.

很好。這很有幫助。接著我想追問一下，很高興看到 Agora 的量似乎真的開始向上拐點，汽車端也有很多正面進展。我想問的是，就你們正在啟動的時間線與新增資產類別而言，我們是否應該把它視為一種劇本：從你們宣布並簽下某個合作方或資產類別，到交易量真正開始拐點上升並更有意義地貢獻，通常需要多久？

I guess like how is like this quarter, like a couple quarters time frame a good way to think about the ramp time to get these upscaled and running or can that cycle time reduce over time? Just like how should we think about additional asset classes and how long it'll take to ramp them up?

例如像本季這樣，以一到兩個季度的時間框架來看，是否是思考這些業務放大並上線運轉的合理爬坡期？還是這個週期時間會隨時間推移而縮短？也就是說，我們應該如何看待新增資產類別，以及它們需要多久才能爬坡？

It's a great question. And as I talked about, I think AI is critical here because it's something that we can leverage to reduce what is a very complicated process to ingest and standardize third-party assets. And so when we bring on Agora as an example, we're thinking broader than just one individual auto loan originator. We're thinking how can we set the standard for the way that auto loans and then ultimately auto securitizations can operate in a tokenized way.

這是個很好的問題。如我所說，我認為 AI 在這裡至關重要，因為我們可以利用它來降低一個非常複雜的流程——也就是導入並標準化第三方資產。因此，以導入 Agora 為例，我們思考的不只是單一汽車貸款發起機構。我們在思考的是：我們如何為汽車貸款，乃至最終汽車證券化，建立一套以代幣化方式運作的標準。

And so that's the approach that we're taking. So there is probably to open up a new asset class is going to be much more significant than to open up a specific originator onto that asset class. But because everything's new for Democratized Prime right now, those two are the same thing, but we would expect another auto originator, for example, to go much faster.

這就是我們採取的方法。因此，開放一個新的資產類別，可能會比把某個特定發起機構接入該資產類別更具規模與重要性。但由於 Democratized Prime 目前一切都還很新，這兩件事在當下看起來是同一件事；不過我們預期，例如再導入另一家汽車貸款發起機構，速度就會快得多。

And I mentioned this in the prepared remarks, but I think you're going to start to see us in the coming quarters work on making Figure Connect as a concept work for permanent sale and securitization of the assets that are being financed on Democratized Prime, and that's really going to start to turn the flywheel.

我在事先準備發言中也提到，我認為你們將在接下來幾個季度看到我們致力於讓 Figure Connect 這個概念，能用於對 Democratized Prime 所融資的資產進行永久出售（permanent sale）與證券化，而這將真正開始帶動飛輪效應。

Because we're going to be able to take originators, give them short-term financing with Democratized Prime, but then take those assets and get investors that want to buy them permanently or securitize them and use Figure Connect earning those ecosystem fees that we love so much in the process. So more to come there and that blueprint that you've seen is a really good way to look at a new asset class rather than a new originator.

因為我們將能夠把發起機構納入，透過 Democratized Prime 提供他們短期融資，然後把這些資產拿去對接希望永久買入或進行證券化的投資人，並在過程中透過 Figure Connect 賺取我們非常喜歡的那些生態系費用。所以後續還會有更多進展；而你所看到的那個藍圖，是用來看待「新資產類別」而非「新發起機構」的一個非常好的方式。

Great. Thanks so much.

太好了。非常感謝。

Thank you. And ladies and gentlemen, that is all the questions that we have for today. So that will bring us to the conclusion of today's conference call. We'd like to thank you all so much for joining the Figure Technology Solutions second quarter earnings conference and wish you all a great day. Goodbye.

謝謝。各位女士先生，今天的提問到此為止。接下來我們將結束今天的電話會議。非常感謝各位參加 Figure Technology Solutions 第二季財報電話會議，祝各位有美好的一天。再見。